Cryptocurrency News Today – China just passed its first-ever cryptography law. The Chinese government passed the law on October 26, and it would take effect from January 1 next year. The new cryptography law is aimed at setting standards for the management of passwords and the application of cryptography. Not long ago, the President of China – Xi Jinping – endorsed blockchain technology.

China Passes a New Bill to Regulate Cryptography

China decided to regulate cryptography in the country as it is about to launch its own digital currency. China is getting ready to launch its cryptocurrency backed by the central bank. The country has been working on its central bank-backed digital currency – CBDC – since 2014.

At the moment, the government of China has not given any specific date when they would launch the digital currency. However, the new digital currency is expected to roll out anytime soon.

Since the emergence of Bitcoin (BTC), many firms, industries, and even governments have released their own digital currencies. Many digital currency trading platforms today use their own digital currencies to run their platforms. Many businesses now accept digital currencies across the globe. Even the largest social media platform in the world – Facebook – is on the verge of launching its own digital currency.

Chinese Digital Yuan Would Compete with Facebook’s Libra Coin

Facebook showed an interest in the digital currency space over a year ago. This was after the firm, including Google and Microsoft, decided to ban all crypto-related ads on their platforms. However, the ban did not last long, as they had to reverse it to accommodate the massive growth of the digital currency space. Not only did Facebook reverse its policy, the social media giant also decided to launch its own native currency, which it dubbed Libra Coin.

However, many digital currency experts are pointing out that the Chinese digital Yuan would be a major rivalry to the Libra Coin of Facebook. At the moment, the Libra project is suspended because it is in hot water. Lawmakers in the US halted the launch of the project due to some privacy concerns.

Recently, Mark Zuckerberg – the CEO and co-founder of Facebook – gave testimony before lawmakers. During his testimony before lawmakers, the CEO warned that the United States of America might risk its position as the world’s financial leader if it restrains innovation. Facebook is yet to get the green light it needs to launch the project. However, many believe that the project would launch soon, but no one knows exactly when this would happen.